Grassi Investment Management Reduces Stock Holdings in Crown Castle Inc. (NYSE:CCI)

Grassi Investment Management lowered its position in Crown Castle Inc. (NYSE:CCI) by 15.3% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 16,419 shares of the real estate investment trust’s stock after selling 2,971 shares during the quarter. Grassi Investment Management’s holdings in Crown Castle were worth $1,948,000 at the end of the most recent reporting period.

Other hedge funds have also recently modified their holdings of the company. BOKF NA grew its holdings in shares of Crown Castle by 25.6% in the first quarter. BOKF NA now owns 4,004 shares of the real estate investment trust’s stock valued at $417,000 after purchasing an additional 815 shares during the period. Sumitomo Mitsui Trust Holdings Inc. boosted its stake in Crown Castle by 0.9% during the first quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 931,397 shares of the real estate investment trust’s stock worth $98,570,000 after buying an additional 8,136 shares during the period. O Shaughnessy Asset Management LLC boosted its stake in Crown Castle by 30.4% during the first quarter. O Shaughnessy Asset Management LLC now owns 35,805 shares of the real estate investment trust’s stock worth $3,789,000 after buying an additional 8,346 shares during the period. Norden Group LLC purchased a new position in Crown Castle during the first quarter worth about $1,804,000. Finally, Brookstone Capital Management boosted its stake in Crown Castle by 2,316.5% during the first quarter. Brookstone Capital Management now owns 84,409 shares of the real estate investment trust’s stock worth $8,933,000 after buying an additional 80,916 shares during the period. Hedge funds and other institutional investors own 90.77% of the company’s stock.

Analyst Ratings Changes

Several research analysts have weighed in on the stock. Barclays increased their target price on shares of Crown Castle from $112.00 to $116.00 and gave the stock an “equal weight” rating in a research note on Thursday, October 10th. TD Cowen lowered their target price on shares of Crown Castle from $127.00 to $123.00 and set a “buy” rating for the company in a research note on Thursday, October 17th. Royal Bank of Canada increased their target price on shares of Crown Castle from $100.00 to $104.00 and gave the stock a “sector perform” rating in a research note on Thursday, July 25th. Deutsche Bank Aktiengesellschaft increased their price target on shares of Crown Castle from $103.00 to $105.00 and gave the stock a “hold” rating in a research report on Tuesday, July 23rd. Finally, JPMorgan Chase & Co. increased their price target on shares of Crown Castle from $115.00 to $124.00 and gave the stock a “neutral” rating in a research report on Monday, September 23rd. Twelve investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $116.47.

Crown Castle Stock Up 0.6 %

Shares of NYSE:CCI opened at $111.31 on Thursday. The firm’s 50 day moving average price is $114.02 and its 200 day moving average price is $105.30. The stock has a market cap of $48.37 billion, a price-to-earnings ratio of 39.25 and a beta of 0.85. Crown Castle Inc. has a fifty-two week low of $86.49 and a fifty-two week high of $120.92. The company has a quick ratio of 0.43, a current ratio of 0.54 and a debt-to-equity ratio of 4.43.

Crown Castle (NYSE:CCI) last issued its earnings results on Wednesday, October 16th. The real estate investment trust reported $0.70 earnings per share for the quarter, missing the consensus estimate of $1.73 by ($1.03). The firm had revenue of $1.65 billion during the quarter, compared to analyst estimates of $1.64 billion. Crown Castle had a net margin of 18.59% and a return on equity of 20.98%. The firm’s revenue was down .9% compared to the same quarter last year. During the same period last year, the business earned $1.77 EPS. As a group, equities research analysts predict that Crown Castle Inc. will post 6.65 earnings per share for the current fiscal year.

Crown Castle Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Friday, September 13th were paid a $1.565 dividend. The ex-dividend date of this dividend was Friday, September 13th. This represents a $6.26 annualized dividend and a yield of 5.62%. Crown Castle’s dividend payout ratio is currently 221.99%.

Crown Castle Company Profile

Crown Castle owns, operates and leases more than 40,000 cell towers and approximately 90,000 route miles of fiber supporting small cells and fiber solutions across every major U.S. market. This nationwide portfolio of communications infrastructure connects cities and communities to essential data, technology and wireless service – bringing information, ideas and innovations to the people and businesses that need them.